Coronavirus impacting Las Vegas valley housing market, home sales dropping

Local News

LAS VEGAS (KLAS) — Single family home sales in Southern Nevada were down by more than 30% in April when compared to the same time last year, according to a report released by Las Vegas realtors.

During the first three months of 2020, home sales were running ahead of last year’s pace. This is the first monthly report from LVR that shows the full impact of the “Stay at Home” order that was issued in mid-March.

“We’re starting to see how this crisis is hitting our housing market,” said 2020 LVR President Tom Blanchard, a longtime local REALTOR®. “We expected sales to decline.”

The total number of existing local homes, condos and townhomes sold during April was 2,411. At the end of April, there were 6,043 single-family homes listed for sale without any sort of offer.

The median price of an existing single-family homes sold in Southern Nevada during April 2020 was $310,000 which was up 3.3% from one year ago but down 2.8% from an all-time record price of $319,000 set in March.

Even with the sales decline, the report showed little change in the number of people cancelling contracts to buy homes. Last year, there were 1,335 cancellations in April compared to this year when 1,190 were cancelled.

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